Where Retirees Rely Most on Social Security in 2021
In some of these cities, Social Security makes up half of seniors income, on average.
This story originally appeared on SmartAsset.com.
Social Security is a financial safety net for millions of retired Americans. Founded in the aftermath of the Great Depression, this social insurance program was designed to pay out monthly income for workers after they reach full retirement age.
But for most people today, the money provided by Social Security is not enough to live on during retirement. More than 64 million beneficiaries will see an increase of 1.3% in 2021, which translates to a modest raise of $20 a month. This means that average benefits total just $1,543 per month, compelling many Americans to supplement that income with pensions, 401(k) plans and other retirement savings programs.